Click here to close now.

Welcome!

Web 2.0 Authors: Liz McMillan, Elizabeth White, Pat Romanski, Dana Gardner, Carmen Gonzalez

News Feed Item

Savaria Announces its Best Quarter in History

LAVAL, QUEBEC -- (Marketwired) -- 08/07/14 -- Savaria Corporation (TSX: SIS), North America's leader in the accessibility industry, discloses its results for its second quarter ended June 30, 2014.

Second-Quarter Highlights


--  Record revenue for a quarter, at $22 million, up 13.3%, from $19.4
    million same quarter in 2013;


--  Operating income of $2.6 million, up 33.2% compared to same quarter in
    2013;


--  Earnings before interest, taxes, depreciation and amortization
    ("EBITDA") of $2.7 million, up 6.9%, compared to $2.5 million in same
    quarter 2013;


--  Declaration of a dividend of 3.5 cents per common share;


--  Inflow of net proceeds of $17.6 million following the conclusion of a
    private placement.

A Word from the President

"Results for the second quarter of this year show a growth in demand for accessibility products. Once again, we have achieved best ever results in revenue and EBITDA, with quarterly revenue of $22 million, up 13.3% compared to the second quarter of 2013, and our operating results increased 33.2%," declared Marcel Bourassa, President and Chief Executive Officer of Savaria.

"With more than $17 million in cash, we are in a great position to expand our organic growth strategy and realize any interesting potential acquisition," concluded Mr. Bourassa.

Operating Results (Comparative Analysis with Second Quarter and First Semester of 2013)


--  In the second quarter of 2014, revenue is up $2.6 million or 13.3%, from
    $19.4 million in second quarter of 2013 to $22 million in 2014. For the
    first semester of 2014, revenue is up $3.1 million or 8.4%, from $36.6
    million to $39.7 million.


--  The gross margin for the second quarter of 2014 is up by $801,000, at
    30.6% of revenue compared to 30.5% in the second quarter of 2013. For
    the first semester, the gross margin is up by $1 million, at 29.9% of
    revenue compared to 29.6% in 2013.


--  Operating income for the second quarter of 2014 increased by $643,000 or
    33.2% from $1.9 million in 2013 to $2.6 million in 2014. For the first
    semester, operating income increased by $339,000 or 9.1%, from $3.7
    million in 2013 to $4.1 million in 2014. Were it not for an income of
    $350,000 recorded in the first semester of 2013, operating income for
    the first semester of 2014 would have been up $689,000 or 20.5%.


--  At $1.5 million, net income for the second quarter of 2014 is up 8.5%,
    from $1.4 million for the second quarter of 2013, an increase of
    $121,000. For the first semester, net income is up 3.5%, from $2.7
    million to $2.8 million, an increase of $94,000.


--  EBITDA for the second quarter is up $173,000, from $2.5 million in 2013
    to $2.7 million in 2014, an increase of 6.9%. For the first semester
    2014, EBITDA is up $115,000, from $4.8 million in 2013 to $4.9 million
    in 2014, an increase of 2.4%. Were it not for the income of $350,000
    recorded in 2013, the increase in EBITDA for the semester would have
    been $465,000 or 10.4%.

Share Capital

During the second quarter, the Corporation completed a private placement, issuing 5,750,000 common shares, resulting in net proceeds of $17.6 million. As at June 30, 2014, 29,554,614 common shares were outstanding compared to 23,010,864 as at June 30, 2013.

Dividend

As per the Corporation's dividend policy, the Board of Directors has declared a dividend of 3.5 cents ($0.035) per common share, payable on August 29, 2014 to shareholders of record of the Corporation at the close of business on August 15, 2014. This is an eligible dividend within the meaning of the Income Tax Act.

Savaria Corporation (savaria.com) is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures, installs and distributes primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. In addition, it converts and adapts minivans to be wheelchair accessible. The diversity of its product line, one of the world's most comprehensive, enables the Corporation to stand out by proposing an integrated and customized solution for its customers' mobility needs. Its operations in China have substantially grown and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. The Corporation records some 60% of its revenue outside Canada, primarily in the United States. It has a sales network of some 600 retailers in North America and employs some 410 people at its head office in Laval and at its plants and sales offices in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).

Compliance with International Financial Reporting Standards ("IFRS")

The information appearing in this press release has been prepared in accordance with IFRS. However, the Corporation uses EBITDA for analysis purposes to measure its financial performance. This measure has no standardized definition in accordance with IFRS and is therefore regarded as a non-IFRS measure. This measure may therefore not be comparable to similar measures reported by other companies. Reconciliation between net income for the period and EBITDA is provided in the Financial Highlights section below.

Cautionary Notice Regarding Forward-Looking Statements

Certain information in this press release may constitute "forward-looking statements" regarding Savaria, including, without being limited thereto, understanding of the elements that might affect the Corporation's future, relating to its financial or operating performance, the costs and schedule of future acquisitions, supplementary capital expenditure requirements and legislative matters. Most frequently, but not invariably, forward-looking statements are identified by the use of such terms as "plan", "expect", "should", "could", "budget", "expected", "estimated" "forecast", "intend", "anticipate", "believe", variants thereof (including negative variants) or statements that certain events, results or shares "could", "should" or "will" occur or be achieved. Such statements involve known and unknown risks, uncertainties and other factors liable to cause Savaria's actual results, performance or achievements to differ materially from those set forth in or underlying the forward-looking statements. Such factors notably include general, economic, competitive, political and social uncertainties. Although Savaria has attempted to identify the key elements liable to cause actual measures, events or results to differ from those described in the forward-looking statements, other factors could have an impact on the reality and produce unexpected results. The forward-looking statements contained herein are valid at the date of this press release. As there can be no assurance that these forward-looking statements will prove accurate, actual future results and events could differ materially from those anticipated therein. Accordingly, readers are strongly advised not to unduly rely on these forward-looking statements.

www.savaria.com

Facebook: https://www.facebook.com/savariabettermobility

Twitter: https://twitter.com/Mobilityforlife

Complete financial statements and the management's report for quarter ended June 30, 2014 will be available shortly on Savaria's website and on SEDAR (www.sedar.com).

Financial Highlights


============================================================================
(in thousands,
 except per-share
 amounts and
 percentages -                  Quarters Ended     Six-Month Periods Ended
 unaudited)                           June 30,                    June 30,
                  ----------------------------------------------------------
                      2014      2013    Change      2014     2013   Change
----------------------------------------------------------------------------
Revenue            $21,977   $19,397      13.3%  $39,665  $36,600      8.4%
----------------------------------------------------------------------------
Gross margin as a
 % of revenue         30.6%     30.5%      n/a      29.9%    29.6%     n/a
----------------------------------------------------------------------------
Operating costs     $4,135    $3,963       4.3%   $7,824   $7,469      4.8%
As a % of revenue     18.8%     20.4%      n/a      19.7%    20.4%     n/a
----------------------------------------------------------------------------
Operating income    $2,579    $1,936      33.2%   $4,053   $3,714      9.1%
As a % of revenue     11.7%       10%      n/a      10.2%    10.1%     n/a
----------------------------------------------------------------------------
Gain (loss) on
 foreign exchange    $(315)     $126      (350)%     $(6)    $222     (103)%
----------------------------------------------------------------------------
Net income          $1,546    $1,425       8.5%   $2,751   $2,657      3.5%
----------------------------------------------------------------------------
Earnings per share
 - diluted           $0.05     $0.06     (16.7)%   $0.10    $0.11     (9.1)%
----------------------------------------------------------------------------
EBITDA (1)          $2,698    $2,525       6.9%   $4,918   $4,803      2.4%
----------------------------------------------------------------------------
EBITDA per share -
 basic and diluted   $0.09     $0.11     (18.2)%   $0.18    $0.21    (14.3)%
----------------------------------------------------------------------------
Dividends declared
 per share          $0.035     $0.02       n/a    $0.165    $0.10      n/a
----------------------------------------------------------------------------
Weighted average
 number of common
 shares
 outstanding -
 diluted            28,871    23,302       n/a    26,306   23,214      n/a
============================================================================
                               As at     As at
                            June 30,  Dec. 31,
                                2014      2013
------------------------------------------------
Total assets                 $65,844   $49,013
------------------------------------------------
Total liabilities            $28,316   $28,780
------------------------------------------------
Shareholders'
 equity                      $37,528   $20,233
================================================

(1)  Reconciliation of EBITDA with net income provided in the following
      table.

Although EBITDA is not recognized according to IFRS, it is used by management, investors and analysts to assess the Corporation's financial and operating performance.

Reconciliation of EBITDA with Net Income


============================================================================
(in thousands of dollars -            Quarters Ended       Six-Month Periods
 unaudited)                                 June 30,          Ended June 30,
                            ------------------------------------------------
                                    2014        2013        2014        2013
----------------------------------------------------------------------------
Net income                        $1,546      $1,425      $2,751      $2,657
----------------------------------------------------------------------------
Plus:
Interest on long-term debt           144         156         280         330
----------------------------------------------------------------------------
Interest expense and banking
 fees                                 29          24          51          46
----------------------------------------------------------------------------
Income tax expense                   591         532       1,013       1,010
----------------------------------------------------------------------------
Depreciation of fixed assets         244         208         484         381
----------------------------------------------------------------------------
Amortization of intangible
 assets                              190         182         387         383
----------------------------------------------------------------------------
Less:
Interest income                       46           2          48           4
----------------------------------------------------------------------------
EBITDA                            $2,698      $2,525      $4,918      $4,803
============================================================================

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
SYS-CON Events announced today that Aria Systems, the leading innovator in recurring revenue, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Proven by the world’s most demanding enterprises, including AAA NCNU, Constant Contact, Falck, Hootsuite, Pitney Bowes, Telekom Denmark, and VMware, Aria helps enterprises grow their recurring revenue businesses. With Aria’s end-to-end active monetization platform, global brands can get to market faster with a wider variety of products and services, while maximizin...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce softw...
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carriers, thus providing a global perspective of the end-user experience. Site24x7 supports monitoring H...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...